1Z0-1058 Online Practice Questions and Answers
Which three are true about implementing a best practice solution for Financial Reporting Compliance? (Choose three.)
A. Large scope of project requires high effort for maintenance and administration.
B. It promotes rapid implementation and go-live.
C. It promotes go-live with minimal acceptance testing and user training.
D. It provides maximum return on investment with minimum project risk.
E. It promotes successful adoption and minimizes on-going cost of operation.
The internal auditor advised the Control Owner of North America to perform assessment for two P2P
controls.
Which three steps can the Control Owner perform to kick-off assessments for only those two controls?
(Choose three.)
A. Initiate a planned assessment that includes all controls assigned to perspective P2P.
B. Perform impromptu assessments for the two controls.
C. Enable impromptu assessments during configuration of module objects.
D. Initiate a planned assessment and include the two controls as part of the same assessment.
E. Initiate two planned assessments, one for each control.
A Control Manager has changed the status of an issue to "In Remediation" and has submitted it. What will be the state of the Issue if there is no issue validator, reviewer, or approver configured?
A. In Review
B. Active
C. Reported
D. Approved
E. In Edit
Your client has configured separate roles for control assessor and control assessment reviewer. The control assessor has submitted his or her assessment. The control assessor realizes later that he or she has forgotten to attach a critical test evidence document to the assessment and needs to attach it now. How can this be accomplished?
A. The assessor can request the reviewer to attach the document during the review.
B. On the Assessment tab in the Control definition, the assessor can select the assessment and click the Complete Assessment button. He or she can attach the document and resubmit the assessment.
C. The assessor can request the reviewer to reject the assessment. After the assessment is rejected, the assessor can then attach the document and resubmit the assessment.
D. On the Manage Assessments page, the assessor can select the assessment and click the Reopen button. He or she can then attach the document and resubmit the assessment.
Which three tasks should be completed before starting the Financial Reporting Compliance implementation? (Choose three.)
A. Migrate the organization's existing risk and control matrix into Financial Reporting Compliance.
B. Complete control review and assessment for one period/cycle with the actual business owners.
C. Create a project plan with objectives, goals, and exit criteria.
D. Identify Financial Reporting Compliance users for everyday use, administration, and sustained use.
E. Plan to go-live with a simple scope and later expand the solution to include additional business units/ organizations/compliance frameworks.
After adding a new control in Financial Reporting Compliance, the control owner clicks Submit. Users with
the Control Reviewer and Control Approver roles exist.
What is the expected outcome?
A. The control goes into the "Waiting for Approval" state.
B. The control goes into the "New" state.
C. The control goes into the "Approved" state.
D. The control goes into the "In Review" state.
Your client has three operating units.
What are two ways in which you can exclude an operating unit where there are not enough personnel to
allow segregation of duties? (Choose two.)
A. In a model, create a new condition logic filter, select the operating unit attribute, select the operating unit value, and then perform an exclusion though the advanced options check box.
B. Navigate to the Create Access Global Condition page and create a new condition logic filter, select the operating unit attribute, select the operating unit value, and then perform an exclusion though the advanced options check box.
C. Navigate to the Create Access Global Condition page and create a new condition logic filter, select the within same operating unit attribute, select the value yes, and then perform your exclusion though the advanced options check box.
D. In a model, create a new condition logic filter, select the within same operating unit attribute, select the value yes, and then perform your exclusion though the advanced options check box.
E. In a model, create a new condition logic filter, select the operating unit attribute and select the operating unit value.
You have two segregation of duties requirements:
1) a user can access either the supplier creation pages or the invoice pages, but not both.
2) a user can access either the invoice creation pages or the payment creation pages, but not both.
How must these requirements be met in Advanced Access Controls?
A. Construct one model with three condition filters where the Function Name Equals "Create Supplier", "Create Invoice" and "Create Payment"
B. Construct two models, and create controls based on the models: "Create Supplier and Create Invoice", "Create Invoice and Create Payment"
C. Construct three controls, and create controls based on the models: "Create Supplier and Create Invoice", "Create Invoice and Create Payment", "Create Supplier and Create Payment"
D. Construct one model: "Create Supplier and Create Invoice and Create Payment"
E. Construct one entitlement: "Create Supplier and Create Invoice and Create Payment"
How do you identify Financial Reporting Compliance Cloud's key stakeholders?
A. Identify users who need to create and submit expense reports easily.
B. Identify users who will create customer invoices, and receive and apply customer payments.
C. Identify executives who need to certify internal controls for SOX or similar mandates.
D. Identify executives who will manage customer balances and recognize revenue.
Which controls can user A access and manage for the following Control Manager role configuration? See details of perspective trees and control-perspective association below.
A. None
B. Controls 2 and 3
C. Only Control 1
D. All controls
E. Controls 1, 2, and 3